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Ya’ll take ya vitamins today?
Rising Star
“Incoming analyst at xyz” - insecure much?
Bowl Leader
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Rising Star
Though speaking from Americas perspective, my understanding was that we’re likely going to be perk-less through end of the year. I am confident they will bring back some of them though in 2024, pending economic environment. Remember MC lose out as well by not being able to offer them and they understand that many are fundamental to retention in our industry. These are still tough times for the firm and that being “on track” just means we’re back to our much lower, adjusted targets. I REALLY want our perks back too (especially the culture-building ones like happy hours, co-locating and team events), but I think we just need to hold on a bit longer. That all said, I’m really happy to hear Europe is back on track!
Exacto
They won’t come back - that was the master plan all along.
Same with getting rid of the 18-months track.
Well played MC group
Maybe for context, they changed the process in Europe this cycle. Quintile 1 was mainly achieved by those who were getting mostly exceedings in their first nine months of the role, which would put them on track for 18 month promotion, this didn’t impact their actual promotion (since still some time to go). 18 months is the fastest option in Europe unless you are an analyst MBA/masters hire or you were hired from competitors/industry, in which case it can go down to 9-12 months for that position only.
There were about 3 (if that) non-first nine month quintile 1 employees across all of Europe and all positions. To get quintile 1 you needed to get exceeding in every project summary. If you got “exceedings” and “mostly exceedings” for your project summaries in the period, you were quintile 2. They had communicated ahead of the reviews that this would be the definition of quintile 1, but for some reason they decided to be a lot harsher in the review session. Quintile 2 means 24 month promotion time at the fastest.
So they have significantly reduced EU fast track promotion this period. It’s unclear if this was cost saving related, or just them adjusting to their new setup. What it will mean is an avalanche of EU promotions in Jan/Feb as a follow-on effect from this.
Because the company literally lost money for the first half of the year. We are likely still in the red and it will take a few months of profitability to get back in the black. You really do not understand how business works if you actually think this. When the firm is consistently profitable again then they will come back.
It is almost as tone deaf as the person who keeps asking if we considered laying off MC... the MC don't get paid unless they sell so why would it change anything even if we did!
Pro
OP speaking words of truth
Everyone else needs to stop drinking kool aid
We are back on track based on a reviewed budget with lower targets. It is not the same thing
Lol all of this already looks bad, don’t think it can get much worse
Are we really back on track ?
Is it just America that isn’t on track anymore? Europe + APAC almost fully utilised